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David Edelstein, the developer and owner of the W South Beach, is snapping up Collins Avenue neighbor the Raleigh, according to sources. The hotel is being sold by private equity firm Brilla Group, which bought it three years ago with AJ Capital Partners for $30 million from Andre Balazs. Chef John DeLucie was brought in last year to launch the restaurant the Royal at the Raleigh, but he pulled up stakes after six months to focus on Crown on the Upper East Side. Brilla reportedly took a $20 million loan last summer for a Raleigh revamp. A rep for the hotel said, “There is no purchase. David is one of the parties in conversations with the owners.”